New Jersey is one of the top states for home ownership costs
We know that New Jersey is an expensive place to live and an even more expensive place to buy a home, but what about after the closing? It turns out that New Jersey is pretty expensive then, too.
The financial weight of owning a home varies from region to region, with some homeowners spending almost 30% of the state's median income on annual homeownership costs such as maintenance, utilities, and insurance, a new study found.
According to a new report by the New Jersey Real Estate Network, California is the most expensive state to be a homeowner, with an annual cost of $24,252 — marking 28.84% of the state's median income of $84,097.
The report was compiled by taking census data and using it to compare annual average housing costs in relation to states' median income.
New York is in second place, and New Jersey is third:
⚫ Annual homeowner costs: $22,200
⚫ Percent of state median income: 24.75%
The median home value in New Jersey is $484,466, which is significantly higher than the national median of $375,300. The high cost of home ownership in New Jersey is due to a number of factors, including the state's high property taxes, its proximity to New York City, and its strong economy.
Property taxes in New Jersey are among the highest in the country. The average property tax bill in New Jersey is $8,719, which is more than double the national average of $3,800. The high property taxes in New Jersey are a major burden for homeowners, and they can make it difficult to afford a home in the state.
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Opinions expressed in the post above are those of New Jersey 101.5 talk show host Bill Doyle only.
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